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April 6, 2009

House of the Day: 20 Clifton Place

This house at 20 Clifton Place probably has potential but the lack of interior photos in the listing and the disclosure that it needs TLC makes us think that the asking price of $899,000, which is low for a house in the area, may not be low enough. Especially since it's only got three stories. From what we hear, this is just a few doors down from a notoriously bad drug house on the block. That said, if it turns out that there are some architectural details inside that are still intact, this could be an interesting buy if the price comes down a bit.
20 Clifton Place [ReMax] GMAP P*Shark

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What is this neighborhood like these days?

Posted by: tailey at April 6, 2009 1:28 PM

It's hard to make a price guess with no photos, no floorplan, no nothing.

Posted by: InsertSnappyNameHere at April 6, 2009 1:30 PM

the description says lots of details and orignal fireplace mantels, but the front door might indicate a lot of interior reworking that has to be undone. And no inside pictures- I think that scares people away, rather than exciting their interest. You always wonder why don't they want to show the interior? What are they hiding?

Posted by: bxgrl at April 6, 2009 1:33 PM

Based on the residents who live there the house will likely need some work. The adjacent house which was completely renovated on the inside(22) has been on the market for a year and is currently listed at $1.49 @ Corcoran. For the adventurous, there is also a house that went for sale across the street (17) 2 weeks earlier for $650k. The house had a fire and has been vacant for several years ago but has great potential. As far as comment regarding the block, the neighbors are lovely. The so called drug house has some activity they are harmless.

Posted by: OTIS at April 6, 2009 1:35 PM

Crappy listing. I think both Marissa and Rip Vanwinckle are asleep on the job.

Posted by: daveinbedstuy at April 6, 2009 1:44 PM

I saw this one over the weekend at the open house. It doesn't need TLC, it needs a complete gut renovation. There are some interesting original details - fireplaces, pocket doors, and of course the block is great, and it's a perfect size to convert to one-family, or possibly two, but everything will have to go. I was afraid the stairs would crumble under my weight. Also you can smell the mold from outside the house. Will be a beautiful place some day for someone willing to take it on, but my guess is the renovation will cost as much, if not more than, the structure.

Posted by: hotpinksharpie at April 6, 2009 1:48 PM

I'd love to give a price estimate - but without photos - it's very hard
if it's a mess inside - no way is this place going to get 899k

Posted by: gemini10 at April 6, 2009 1:50 PM

This would be great for a music executive. They can get fresh crack at any hour

Posted by: brickoven at April 6, 2009 1:56 PM

Well we went to the open house a week ago and here is what we saw:
The home is actually four stories excluding the basement but the top story has a slanted roof line to accommodate the 3 story facade...interesting but not atypical for that block. However poverty and neglect has taken its toll and the place is in horrible condition. Not to offend but this house is a dump! It will need a complete GUT renovation i.e new wiring, plumbing, baths, kitchens, boiler, floors, walls, and facade work. There are virtually no details and what little is left was sadly painted over with tons of coatings. TLC? Talk about an understatement.
On a positive note the yard was big and the neighbors seem to care about their homes. Price estimate of $700K seems fair.
Now the broker in trying to convince us of the potential here showed us 22 Clifton next door that is priced @$1.395m by Corcoran...this was a good strategy but it backfired big time since we all realized how overpriced 20 Clifton was.

BTW 22 Clifton was beautifully done but has been on the market for a year and half despite price cuts from $1.9m. Not sure why it hasn't sold but it is the site where that guy was gunned down in broad daylight about a year ago...think this has anything to do with it?

Posted by: pierre de taille at April 6, 2009 2:04 PM

Do these real estate agents really do their homework, I know I went to Pratt Institute, not Pratt University.

Posted by: rjm at April 6, 2009 2:07 PM

brickoven
what's that supposed to mean? I don't many music execs doing crack.... maybe other things - but crack?

Posted by: gemini10 at April 6, 2009 2:07 PM

Yeah. It is a pit. I suppose that a gut reno requires TLC, among other things, but this is a shell.

Posted by: serpentor at April 6, 2009 2:22 PM

Serpentor you are right a shell is a more appropriate description here. But can you imagine a shell for $899K in Clinton Hill Brooklyn?

Posted by: pierre de taille at April 6, 2009 3:00 PM

At least there are no regulated tenants to work around.

Posted by: bohuma at April 6, 2009 3:09 PM

we suggested ~$500k for 65 clifton which probably in worst shape. Using that as comparison, 20 clifton has to be priced around 650k in order to deem it to be a good price. Of course that's not to say some deep pockets wont snap it up at 750k

Posted by: more4less at April 6, 2009 4:16 PM

During the boom boom times of 2 years ago, with the dreams of sugarplums and endlessly appreciating prices, people might have been tantalized by such a deal. Now the risk of getting the mortgage, putting together a construction team and spending 1-2 years completely reconstructing a total wreck of a building with all of its aggravations looks a lot less attractive, not to mention the pleasures of having your site vulnerable to druggies. Having seen 100+ houses during my search four years ago and my continuing morbid curiousity about what is out there (and for how much), I guess that this is a total wreck inside and would be a 2nd career. The exterior is a 50,000+ job alone. Add new floors, electric, plumbing, staircases, kitchens, bathrooms, the works and well....forget it. It's at least a 500,000 job and 1-2 years of your life. Hey, but maybe that's just me.

Posted by: donatella at April 6, 2009 5:47 PM

We saw it too. Absolutely no details. TLC is the understatement of the year, and we have seen more than one home with a hole in the roof to let you know that we have eyes wide open and good perspective on how bad some of these places can get. This place needs $500k of work, and there is nothing at all to salvage inside - even the wood floors and staircase would need to be replaced. Broker tried to convince us of the possiblity by pointing to 22 as well, but that will never move at the current price so its not a good reference point. There is nobody in today's market that would expend the effort and renovation costs required unless the ask comes down significantly to around $700k.

Posted by: iwannabrownstone at April 6, 2009 9:03 PM

"Not sure why it hasn't sold but it is the site where that guy was gunned down in broad daylight about a year ago...think this has anything to do with it?"

Duh. Wake up people.

***Bid half off peak comps***

Posted by: Brownstones Half Off at April 6, 2009 9:25 PM

Otis posted that there is also a house that went for sale across the street (17) 2 weeks earlier for $650k. The house had a fire and has been vacant for several years.

I googled it and didn't find the for-sale listing (has anyone seen it?), but did come upon this passage from "Capote," by Gerald Clarke.

Clarke writes that in October 1946, to escape his mother's prying, Capote left their upper East Side home at 1060 Park Avenue to "as far away from her as he could get" -- what Capote described as "a little lost mews in darkest Brooklyn."

Clarke writes, "For the sum of ten dollars a week, an astonishingly low figure even in 1946, he was able to rent two sunny rooms. Filled with enough Victoriana to make even George Davis envious, the house, at 17 Clifton Place, in the Clinton Hill section, was clean, well heated, and as quiet as a church." But he stayed only a couple of months, it seems. "By December he and his mother had reconciled...although he kept his rooms at Clifton Place for most of the winter, he also spent many nights at 1060 Park, where a measure of quiet had returned."

Posted by: zuleika at April 6, 2009 9:28 PM

Who is the outlier who keeps plugging in appraisals way way over ask? Sebb? The seller? Someone is clearly hoping to drag up the average...

Posted by: Miss Muffett at April 6, 2009 10:21 PM

there are four houses for sale on the block. disclosure: i own a place here. and i love it. the places for sale - with the exception of 22, which may be some peoples' taste - need a lot of work. i haven't seen 20, but 24 also needs a lot of work (it is 4 floors though). i think this price seems within the realm of reasonable. the houses on this block have nice proportions - 20 ft wide, 3 floors - great for a two family (like mine) or a very good-sized one family. i think 1.3 or 1.4 would be an appropriate number for a renovated house on this block... one would have to be ready to deal with a major renovation to invest in 20.

Posted by: bebklyn at April 6, 2009 10:35 PM

I was able to appraise $500K twice. Can't this be restricted per user?

***Bid half off peak comps***

Posted by: Brownstones Half Off at April 7, 2009 12:00 AM

Run, Run, Run Away!!!

Didn't anyone learn anything from the financial crisis. There are certain risks that u just can't price.

U got the ole dope peddler down the street in the ole crack house.

U got the gangstas shooting up the hood and killing the folks.

The neighbors are turning tail and heading for the high ground cause there are 4 houses for sale on the block.

I can just hear the missus.

"Why charlie, this would be such an adorable home. The kids can walk to school everyday and if they don't get shot that day, little bobby can always stop by the crack house on the way for some dope to sooth his nerves. Oh charlie, think about it, we can pay the carrying costs for two years while the place gets gutted, and the rent for the apt cause I'm tired of sleeping on the streets. This is so so perfect!!!"

Posted by: Hot For Brooklyn at April 7, 2009 11:02 AM

The block isn't as bad as some would make it out to be. It's actually sorta quiet and really charming - there's not a lot of traffic, so it's a great street for playing catch with a dog... Has that end of Clifton seen rougher days? Probably. That whole neighborhood has. But I live a block down and, knock on wood, I haven't had any problems.

By the way, I adore the big trees and that big Pratt building of the corner. (I think it used to be a girl's finishing school, or something like that.) And in a few weeks when the tree are in full leaf, that block is just plain lovely...

Posted by: BKNYKEV at April 8, 2009 4:46 PM

« Co-op of the Day: 205 Park Place Streetlevel: Myrtle Thai Moving »

April 6, 2009

House of the Day: 20 Clifton Place

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